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Profitability analysis of Chinese listed firms: 1992-2004 |
| NIU Jianjun 1, YUE Heng 2, JIANG Guohua 2 |
| 1.School of Accounting, Shanghai University of Finance and Economics, Shanghai 200433, China; 2.Guanghua School of Management, Peking University, Beijing 100871, China; |
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Abstract This research collects and analyses the profitability data of Chinese listed companies from 1992 to 2004. Results show that, on average, the profitability of Chinese listed companies has declined over the period. Post-IPO earnings also exhibit a downward trend. A further analysis reveals that changes in listed firms’ profitability ratio follow a strong mean reversion pattern.
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| Keywords
profitability analysis
listed firms
stock market reform
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Corresponding Author(s):
NIU Jianjun,Email:Niujianjun@gsm.pku.edu.cn; YUE Heng,Email:Yueheng@gsm.pku.edu.cn; JIANG Guohua,Email:Gjiang@gsm.pku.edu.cn
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Issue Date: 05 December 2008
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